Allowing the transferor of a non-restricted firearm to obtain confirmation of a transferee’s firearms acquisition licence prior to the transfer being finalized

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Long story short:

If you want to be compliant with the new laws, then you will still need a valid firearms licence to possess any firearms (ie. a valid PAL), but you no longer need to register any long-gun unrestricted weapons to your name. Be careful though in ensuring your firearms are NON-restricted; you still need to register all restricted and prohibited firearms.